Metro Manila (CNN Philippines) — Funny bunch, these millennials. Don’t worry, this is not a rant. Quite the opposite, actually. See, I work in an office surrounded mostly by Millennials. My assistant is a millennial. My eldest kid is a millennial. More than half the people who follow my Facebook page are millennials. And I love it. Sure I take the brunt of all the “tito” jokes, and none of them seem to understand my music, but I’m fascinated by how they seem to be able to navigate their way through life with the push of a few buttons or by swiping left or right.
Whether it is summoning a car to their doorstep or booking a room in a stranger’s home for their next holiday, it seems that there’s an app or website for everything from laughter to love. And they’re not afraid to use it. Yet ironically, when it comes to money, many of them are as analog as a sundial.
But it’s not their fault. Every time I ask one of my millennial co-workers why such a tech-savvy, globally-connected netizen doesn’t use a credit card, they usually say it is because they don’t qualify for one. Or they don’t want to feel encumbered by one. Or the mere application usually has more requirements than getting a new kidney so they go for the analog solution.
So what ends up happening here is that they make that booking for their dream holiday 5 times faster than, say, someone like me may have done it, but we usually end up meeting at the same check out counter anyway. In a way, it’s like driving a high powered sports car on an unrestricted highway, blasting past all the “titos” and “titas” in their minivans along the way, only to have to line up at the cash toll while the oldies sail on by a few minutes later in the RFID lane. Gets?
Thankfully, there are now options. For example, for my son’s 18th, I got him a Visa debit card with EMV. It’s basically cash with added security. There were no messy contracts, no liver samples required, and because it draws it straight from his bank account, there’s no chance of plunging him into debt by spending money he doesn’t have. I simply loaded it up once, and he takes care of topping it up. And if he does chores for me, I can transfer his allowance directly.
The idea is simple. Basically, if you have an ATM card that bears the Visa logo, that means you already have a Visa Debit card, and you can access your bank account securely, 24/7 to make purchases, pay bills, or get cash, where Visa is accepted. Best part about it is it teaches you financial discipline because you are able to track your expenses a lot better and see where your hard-earned money is going.
Then there’s the security. Heaven forbid my son gets robbed or just loses his wallet. And with the Visa chip cards, this makes it even more secure as it works together with terminals to protect in-store payments by generating a unique one-time code that is needed for the transaction to be approved––a feature that is virtually impossible to replicate in a counterfeit card.
So there you have it, millennials. An old dog has just taught you a new trick. No need to thank me. Just compliment me on my choice of music every now and then.
